Thanks to Gamers.com for their report discussing the newly revealed synergy between F-Zero's home and arcade versions
(here's an alternate article
at GamePro.) According to the article, "..customized racers are freely interchangeable between the arcade and console versions of the game. Just save a custom racer to the GameCube memory card with either game, and you can transport it from one game to the other."
As well as this, "..winning a race in the arcade game can unlock.. ships or tracks as a special bonus - save that data to a GC memory card and you can play an otherwise unavailable ship or course in the home game."
You'll also get a special magnetic License Card for high scores in the arcade version, in this interesting attempt at providing incentive for players to return to arcades.